Revenue and expense data for Tribal Technologies Co. are as follows:

a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one decimal place.

b. Comment on the significant changes disclosed by the comparative income statement.

Transcribed Image Text:

20Υ8 20Y7 Sales $450,000 $362,500 Cost of goods sold Selling expenses 279,000 217,500 58,500 58,000 Administrative expenses 31,500 32,625 Income tax expense 38,250 29,000